The real estate market is constantly changing as the economy fluctuates, which means that you need to work with a trusted real estate agent to stay ahead of these changes. If you are interested in buying a new home, be aware that right now it is a “Seller’s Market.” This trend means that the inventory is low compared to other years so that sellers might be a little more demanding in their requests. As a result, there are a few things that you may want to do differently as a buyer.
But don’t worry, there are a few small changes to your buying strategy you can make to improve your experience and results. Here are a few tips to consider when buying a home in a seller’s market:
Make Your Best Offer
When making an offer on a property that you like, you might be tempted to lower the price of the offer. It makes sense that you want to save money, but it is also important to understand that you might miss out on the opportunity if you low-ball the offer. In a seller’s market, the competition is real, and buyers will often find themselves in a bidding war. If your offer isn’t good enough, the seller may eliminate it without a second thought.
If the property is priced at a fair market value, then the best strategy is to put in an offer that is close to the value of the home. Talk with your real estate agent for more information about putting together an offer that will capture the seller’s attention.
Get Preapproved for a Loan
Show the seller that you are serious about the purchase by having mortgage preapproval in place when you submit the offer. This preapproval will help to speed up the closing process, and it will give you an advantage over other buyers.
Take Action Fast
Over-analysis in this type of real estate market might cause you to miss the chance to get the home that you want. If you wait too long, it is likely that the home might go to someone else. Put together a list of home features that are essential and talk with your real estate agent about your priorities. By determining these factors in advance, you will be better prepared to take fast action when you find a home that meets your requirements.
Hire a Real Estate Agent with Experience
In a seller’s market, you need every advantage you can get when you are buying a home. Don’t make the mistake of working with a novice real estate agent! An agent with experience will have valuable connections within the industry, helping you to get the home that will be best for your family.
Even though it is a seller’s market, Duffy Realty of Atlanta can help you get a high-quality home at a price that you will love. Call us today for more information about these real estate services: (678) 318-1700